Yes and no.
The big advantage with Centos (and debian, and ubuntu) is that you have a set of packages that are stable, and you'd know that its been tested in a larger scale environment.
DSL hasn't been updated since 2008 it seems so its unlikely to have up to date security packages and such (and this is a big thing in favour of centos 0 red hat isn't likely to lose interest in their product). Thats the worse case scenario - being without security updates suddenly. The big distros usually have a predictable release cycle for easier long term planning.
Siltaz is actively updated as is tinycore - but whether it has the packages you need is another story. If you need to compile your own from scratch keeping things updated and tested will be a pain.
If you're willing to put in the time and effort in order to go for 'lightness', you might want to consider gentoo - it has decent support, can be configured as a server, and is pretty reliable once set up right.
On the other hand, the big server distros are set up to be, well servers, have great first and third party support and you'd have an easier time getting documentation. Its also easier to get things started to a known state, and to build up from there, and to plan updates and upgrades. Your packages have been extensively tested. They will very likely work, or fail in a repeatable manner. More importantly, you can get things set up faster, and go have some coffee, rather than beating a distro that may not be suited for the role into working.